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According to the report, the global homeopathy products market was valued at approximately USD 5.39 billion in 2017 and is expected to generate revenue of around USD 15.98 billion by the end of 2024, growing at a CAGR of around 16.80% between 2018 and 2024.

New York, NY, Oct. 29, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Homeopathy Products Market by Product (Tincture, Dilutions, Biochemics, Ointments, Tablets, and Others), by Source (Plants, Animals, and Minerals), and by Application (Analgesic & Antipyretic, Respiratory, Neurology, Immunology, Gastroenterology, Dermatology, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global homeopathy products market was valued at approximately USD 5.39 billion in 2017 and is expected to generate revenue of around USD 15.98 billion by the end of 2024, growing at a CAGR of around 16.80% between 2018 and 2024.

Homeopathy is a type of alternative medication practice, which was developed in the late 1700s. Based on homeopathic understanding, a substance that is capable of causing an illness is also capable of curing it. This is known as the like cures likes doctrine by Samuel Hahnemann.

Homeopathy products market is divided based on application, product, and source. Based on the product, the market for homeopathy products is classified into dilutions, ointments, tincture, tablets, biochemics, and others. The dilution segment held approximately 36% of the total homeopathy products market in 2016. The increase in demand for dilution medicines worldwide is anticipated to fuel this market’s growth during the forecast timeframe. The ointment segment is expected to show the highest CAGR in the forecast timeframe.

The source segment of the homeopathy products market includes minerals, animals and plants. The plant’s segment is anticipated to dominate the homeopathy product market, due to the increased demand for natural medicines. The minerals segment is anticipated to show a rapid growth in the source segment.

On the basis of application, the homeopathy products market is categorized into neurology, analgesic and antipyretic, immunology, respiratory, dermatology, gastroenterology, and others. The growing use of homeopathy for the treatment of various chronic diseases is anticipated to propel the growth of this market in the coming years. The dermatology segment accounted for a significant share in the global market in 2017 and is expected to register a high growth rate in future, owing to rising incidences of skin-related diseases globally.

Europe is anticipated to lead the homeopathy products market in the forecast period. Europe held about 37% of the total global homeopathy products market in the year 2016. According to the OECD, in 2014, the healthcare expenditure was around USD 390 billion in Germany, whereas, in France, it was USD 290 billion and in the United Kingdom, it was USD 270 billion. The increase in healthcare expenditure and use of homeopathy products as a substitute for allopathic products is driving this market’s growth. The rising occurrences of chronic diseases, well-developed homeopathy technology, and products, and growing support by government for homeopathy products are fueling the growth of the homeopathy products market in Europe. Various organizations, such as Society of Homeopaths, Homeopathic Medical Association, and Alliance of Registered Homeopaths, are creating awareness about the homeopathy products in Europe is also driving the growth of this market in the region.

North America is the second most lucrative market for homeopathy products, due to region’s developed healthcare industry, utilization of well-developed products and technologies, and presence of major market players. The presence of a large patient pool, increasing health consciousness which leads to increased healthcare spending, and growing awareness about the benefits of homeopathy products are some other factors driving the homeopathy products market in the North American region.

The Asia Pacific region is anticipated to show a rapid growth rate in the forecast timeframe. The rapid increase in population which in turn increases the patient pool, rising online demand for homeopathic products and strong competition between the homeopathy product manufacturers are fueling the growth of the homeopathy products market. Increase in demand for better treatment procedures, rapid technological developments, and growing awareness about low-cost medicines are some other factors driving this market’s growth in the Asia Pacific region. Furthermore, the increase in the side effects of the allopathic medicines is driving the population toward homeopathy medicines, which is further propelling the growth of this market.

Latin America and the Middle East and Africa are anticipated to show rapid growth in the demand for homeopathy products market. Rising disposable income, increasing awareness about homeopathy products, and the rising prevalence of diseases due to increasing population are some factors fuelling the growth of the homeopathy products market in these regions.

The major players in the global homeopathy products market are Boiron Group, Homeocan Inc., Standard Homeopathic Company, Hahnemann Laboratories, Inc., Nelson & Co. Ltd., Biologische Heilmittel Heel GmbH, Medital International Inc., GMP Laboratories of America Inc., Washington Homeopathic Products, Inc., and Ainsworths Ltd. The major companies focus on launching new products which have different applications and are beneficial to the population’s health. For instance, in 2015, Standard Homeopathic Company (Hyland’s Inc.) launched an ointment that gives relief from bruises and pain.

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